The founders of bitcoin
The founder of bitcoin is mysterious although he uses a pseudonym name, Satoshi Nakamoto. No one has ever seen or heard him because all the communication he did was through email. Several theories are surrounding the founders of bitcoin. Unfortunately, none of them have been proved yet. Some people believe, Asian tech companies are the founders of BTC while other speculate that CIA or NSA might be behind bitcoin. All we have to do is to wait and see if the real owner will ever reveal himself although there are people who believe the owner is dead.
Bitcoin functions & advantages
Bitcoins are used as electronic currency and is classified as a cryptocurrency. The cryptocurrency is used as a currency of trade just like money but it anonymous. In the modern day, BTC is now an accepted method of payment, and there are online stores like Microsoft and overstock are currently accepting payment in bitcoin. Before you think about considering BTC as an option, it is essential first to understand the advantages that come with using bitcoin. Here are some of the benefits of this cryptocurrency:
- 1. Anonymous
One of the things that make BTC stand out from the rest is the fact that it is anonymous. When you decide to pay in bitcoin, the transaction will never be traced back to you. Using the standard cash payment means that your credit card details are captured, and you can easily be traced.
- 2. No intermediaries
When you decide to use bitcoin to pay or receive money, there are no intermediaries or third parties involved in the process. The money is directly paid from one user to another. The fact that there are no intermediaries involved means that the process is fast. You also do not have to worry about unauthorized parties getting hold of your money or monitoring your transactions.
- 3. Pay anytime and anywhere
You can use BTC for payment no matter the part of the world where you are. Making payments through your mobile phone is possible. When you use BTC as a currency, you do not have to worry about walking or traveling with huge amounts of money. Receiving and sending money is instant and you can do it from anywhere.
- 4. No tax and low transaction fees
Taxation and transaction fees make online payments very expensive. If you are trying to avoid these costs, then consider BTC. The fact that there no intermediaries involved in the process means that the money is free from taxations. There are also low transaction fees because there is no third party company involved in handling the money.
Blockchain & technology
The blockchain technology is used in cryptocurrency and especially in this cryptocurrency. A BTC transaction will only be determined as effective if has been verified by the cryptocurrency technology. With the blockchain technology, a block is created every ten minutes. The blocks created are responsible for verifying transactions that have taken place. However, the process does not end after the block has been created. Blockchain miners might provide a proof of calculation using powerful computing software and computer technology. The proof of technology produced by the miners is responsible for verifying the block and the transaction contained inside the block. See all blockchain News.
Invest or trade bitcoin
Investing or trading bitcoins is an excellent way to grow your money through cryptocurrency. However, it is essential first to understand how the process works. There are various ways of investing BTC depending on your risk appetite. You can decide to buy BTC and hold it with the hope that the cost of BTC will increase. In case the price of bitcoin increases, then you can sell it at a higher price and enjoy the profit. However, you need to make sure that you look for a good wallet to store your BTCs.
It is also possible to invest in mining bitcoins although this is a cost-intensive investment. You can also invest in companies that trade BTC so that they can trade on your behalf. However, you need to make sure that you take time and do enough research before putting your money in any company. You can also decide to trade bitcoin where you buy and sell bitcoin on a short-term basis. When trading on a short-term basis, you need to make sure that you learn the market trends and do constant monitoring. Monitoring will help you decide the best time to trade.
Latest Bitcoin News
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